The Ghana Stock Exchange (GSE) is projected to close 2026 with a return of 81% ±500 basis points, according to Databank Research, after ranking as the best-performing stock exchange among 14 African markets at the end of August.

The projection is supported by strong corporate earnings, disinflation, potential valuation upside and selective re-rating opportunities.

Databank’s second-half 2026 report said financial stocks are expected to maintain their strong performance, driven by resilient profitability, robust capital buffers, improving asset quality and stronger visibility of dividend payments.

“These factors position the sector for a favourable re-rating in the second-half of 2026,” it said.

The report expects MTN Ghana to sustain its earnings leadership through continued expansion of its data and fintech ecosystem, network investments and improved enterprise solutions.

It said the company’s defensive earnings profile and dividend credentials are also likely to sustain investor appetite.

Databank expects the FMCG sector to remain a major contributor to earnings in the second half of 2026.

“Capacity expansion, operational efficiencies and market share gains are expected to support KASA [Kasapreko], FML [Fanmilk], UNIL [Unilever] and Guinness Ghana Breweries Limited, while stable crude palm oil prices, improved extraction rates and disciplined cost management should sustain BOPP's earnings growth.”

On oil marketing companies, Databank said it remains constructive on the sector, citing higher crude oil prices, improving marketing margins and earnings potential.

It identified TotalEnergies Ghana for defensive income, GOIL for operational leverage and ZEN Petroleum for long-term growth prospects.

The research house also sees selective opportunities on the GAX market, as stronger corporate fundamentals and earnings momentum drive investor interest in high-growth domestic businesses.